Author: don.nguyen

  • Chair appointment and scheme start date

    The Compensation Scheme of Last Resort (CSLR) acknowledges the announcement yesterday from the Australian Government, appointing our independent Chair and the official scheme commencement date. CSLR welcomes Jo-Anne Bloch as our inaugural Chair, marking the completion of the CSLR Board.  Ms Bloch was independently appointed by the Minister, in accordance with legislation, and commenced on…

  • CSLR appoints former UniSuper CEO as director

    The Compensation Scheme of Last Resort (CSLR) Transitional Board announces the appointment of former UniSuper Chief Executive Officer Kevin O’Sullivan as a non-executive director, ahead of the scheme’s scheduled commencement in April 2024.  “Kevin brings extensive financial sector experience, both as an executive and as a director, along with analytical acumen, strategic thinking and integrity,”…

  • CSLR Board announces pre-CSLR complaint estimate

    A milestone has been reached in the establishment of the Compensation Scheme of Last Resort (CSLR) with the CSLR Board determining the estimate for the initial levy to fund claims from eligible consumers who have been the victims of financial misconduct. The CSLR Board has provided $241 million as the estimate of the cost of…

  • CSLR appoints CEO and a new director

    The Compensation Scheme of Last Resort (CSLR) Transitional Board today announced two key appointments ahead of the scheme’s scheduled commencement in April 2024.

  • Federal Government authorises CSLR scheme operator

    The Federal Government has authorised Compensation Scheme of Last Resort Limited (CSLR Ltd) as operator of the new financial services CSLR, which is expected to start accepting claims in April 2024. The CSLR will provide up to $150,000 in compensation to eligible consumers who have a relevant Australian Financial Complaints Authority (AFCA) determination in their…

  • Transitional governance arrangements

    To support the creation of the organisational structure and application for Ministerial authorisation, the CSLR has a Transitional Board which will make way for an Ongoing Board – which will include the Chair to be appointed by the Minister. The CSLR Transitional Board includes an AFCA non-executive director and will ensure continuity with the ongoing…